Wharf Lane in the News: Pay it Forward

Source: Seven Days, 1/19, by Shay Totten “The clock is ticking for 44 of Burlington’s poorest public-housing residents caught in a battle between their landlord and two housing nonprofits. Depending on which side wins, the low-income and disabled tenants could face eviction later this winter. As Seven Days noted last year, Pizzagalli Properties is trying to sell its Wharf Lane building. It’s one of thousands of affordable housing complexes built 30 years ago using taxpayer-subsidized mortgages and rental subsidies provided by the U.S. Department of Housing and Urban Development. The deal was: At the end of the mortgage, the developers would have the option to sell the low-income housing to the highest bidder. How much could Wharf Lane fetch on the open market? A recent private appraisal reportedly estimates the building’s market value at $4.8 million, more than double the city’s 2006 assessment of $1.6 million. The lower figure reflects the building’s current use: home to 37 units of affordable housing. The higher number measures potential revenues based on converting those into high-rent units for college students. That’s what happened recently at a HUD-subsidized, six-unit apartment building at 113 Maple Street. Rent for a three-bedroom unit there has gone from $930 for a subsidized unit to $1950. Vermont Housing Finance Agency and the Burlington Housing Authority want to buy Wharf Lane and keep it affordable. But talks with Pizzagalli broke down in recent weeks, in large part because the nonprofits can’t afford to pay top dollar for the building…” Full Story: Pay it Forward PDF of Story: Pay it Forward.

#BurlingtonHousingAuthority #Homelessness #PizzagalliProperties #FairHousing #VermontHousingFinanceAgency #WharfLane #AdvocacyandPolicy #HousingAgencyandNonprofitNews